Weasley's Wizard Wheezes, Inc. (WwW) began its business in January 2019 as a wholesale distributor of candy. WWW's purchases throughout 2019 are shown below. WWW sold 250,000 units at $2.00 each during 2019. Units Purchased Unit Cost Total Cost January 2 30,000 $0.90 $27,000 February 5 25,000 0.88 22,000 March 10 33,300 0.90 29,970 April 15 July 10 40,000 0.95 38,000 74,900 1.02 76,398 October 13 60,000 1.05 63,000 December 31 20,000 1.20 24,000 $280,368 283,200 What is the amount of WWW's cost of goods sold during 2019 using the first-in, first-out (FIFO) cost flow assumption for its candy inventory? (Enter a whole number without a dollar sign.)

Weasley's Wizard Wheezes, Inc. (WwW) began its business in January 2019 as a wholesale distributor of candy. WWW's purchases throughout 2019 are shown below. WWW sold 250,000 units at $2.00 each during 2019. Units Purchased Unit Cost Total Cost January 2 30,000 $0.90 $27,000 February 5 25,000 0.88 22,000 March 10 33,300 0.90 29,970 April 15 July 10 40,000 0.95 38,000 74,900 1.02 76,398 October 13 60,000 1.05 63,000 December 31 20,000 1.20 24,000 $280,368 283,200 What is the amount of WWW's cost of goods sold during 2019 using the first-in, first-out (FIFO) cost flow assumption for its candy inventory? (Enter a whole number without a dollar sign.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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